Summary of Proposed Investment
Project Number
8620
Company Name
Multiplaza de Tegucigalpa
Date SPI Disclosed
May 8, 1998
Country
Honduras
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry MAS LAC & EUR
Environmental Category
B - Limited
Previous Events
Approved : Jun 30, 1998
Signed : Feb 18, 1999
Invested : Jun 25, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Honduras : Camino Real - Multiplaza |
| Region | Latin America & Caribbean |
| Sector |
Projected Board DateJune 25, 1998
Company NameHillwood Investments jointly with Multiplaza de Tegucigalpa S.A. and Inversiones Real S.A.
Technical Partner and/or Major Shareholders
The project is sponsored by Grupo Roble de Honduras a sister company of Inversiones Roble based in El Salvador, which ranks among the established business groups in Central America. The group’s main business is focused on hotel and real estate development and its main holdings include the “Camino Real” hotels in San Salvador, El Salvador; San Jose, Costa Rica and San Pedro Sula, Honduras. The group also owns several shopping malls located in San Salvador, San Jose, San Pedro and Managua.
The Hotel will be managed under a contract with Grupo Real (the hospitality division of Grupo Roble) and Inter-Continental Hotels.
Project Cost Including proposed IFC investment
The estimated cost of the project including interest during construction and contingencies is US$40.12 million. The proposed IFC investment includes a senior loan of US$10 million.
Location of project and Description of site
The project will be located in the capital of Honduras - Tegucigalpa. The project site which consists of 15.5 acres is situated in a corridor of rapid residential, commercial and other development and is bordered on the north by the Boulevard Suyapa and on the south by Boulevard Juan Pablo II.
Description of Company and Purpose of Project
The borrowers for the IFC loan will be Hillwood Investments and its two wholly owned subisdiaries - Multiplaza de Tegucigalpa S.A. and Inversiones Real S.A. Multiplaza de Tegucigalpa will develop and operate the Mall while Inversiones Real will own the Camino Real Inter-Continental.
The project consists of a mixed-use development including a 157-room hotel and an adjacent shopping mall in Tegucigalpa. The proposed hotel - The Camino Real Inter-Continental - will be the first 5-star chain hotel in the city. The Multiplaza which will be located at the same site will be one of the largest shopping centers with four anchors, a supermarket, local stores, a large food court and movie theaters.
Environmental Category and Issues
This is a Category B project according to IFC''s environmental review procedures and key environmental, occupational health and safety issues of concern in the project include: land use; disposal of liquid effluents; solid waste disposal; CFCs; employee safety training and emergency response and fire protection measures.
The Mall and hotel buildings will be fully equipped with sprinklers and an independent fire safety audit is being conducted to ensure that the project complies with the WOrld Bank guidelines on fire safety. Wastewater and sewage from the project will be discharged to the city sewers. IFC has required the sponsors to commit to building a wastewater treatment plant if the municipal system fails to invest in such a system by the time the project is complete. Solid waste will be disposed off in the municipal dump. The sponsors have assured IFC that the central air conditioning system and cold storage facilities are CFC-free. The project will meet World bank Environmental, health and safety policies and guidelines as well as Honduran requirements.
The is May 15, 1998 from the Public Information Center.
| Date SPI sent to PIC | May 8, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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